Interesting Topic of the Month: Building Stronger Resolutions for 2021
2020 was a difficult year no matter how you slice it. A global pandemic, national unrest regarding social justice, an election that lasted days: all together the year was one that no one predicted. Perhaps it left you in a state of financial turmoil, or perhaps you experienced a financial windfall that left you ahead of where you thought you might be. No matter how you wrapped up 2020, you want to ensure that you set feasible financial goals for 2021.
The very first thing we recommend is taking a look at your financial situation to determine what goals you should set. Review what you accomplished in 2020 financially. Review your existing debt, the goals you would like to achieve financially, and rank them in order of importance.
Once you have done this, the next step is ensuring that your goals are specific. When you make unclear goals, like “save more money,” or “pay down debt,” you are less likely to follow through. Specificity makes your goals much easier to execute because you make partial goals. For instance, you could break down how much money you needed to save each month in order to achieve your goals. When your goals are measurable, it also makes it easier to correct your progress should you fall off course. For example, if you want to save $500 a month, and you save $300 one month, you might try to make your goal $550 for the coming four months to make up for getting off track.
Setting attainable financial goals is important, but it can also be difficult to determine which of these goals is the most important and how to make them specific and actionable. To get help with this process, contact Orsinger Investment Group, Inc. at (724)588-9067 today to schedule a discussion about your financial goals for 2021.